He’ll also spend another 300,000 pounds buying shares in the rights offering, the company said. Chairman John Peace bought 295,600 pounds of stock and four other executives also purchased shares.

'Last week we outlined our strategy to create a lean, focused and strongly capitalized bank that is positioned for long-term and sustainable growth', Winters said in an e-mail. 'For me personally, I think this is a great investment and further aligns me with our shareholders'.